“Bidenomics” is taking its toll on the U.S. housing market, as mortgage rates hit their highest level in more than two decades.
On Wednesday, the average rate on a 30-year fixed mortgage hit 8 percent, marking the highest level recorded since 2000. According to the Committee to Unleash Prosperity, this estimate means “that on a $500,000 home purchase, Americans will pay an approximate $1,500 a month Biden mortgage tax” for 30 years. For context, the average rate on a 30-year mortgage was 2.65 percent when former President Donald Trump left office in January 2021.
With higher mortgage rates, homebuyers are becoming increasingly wary of purchasing a new home in the current market. For example, a recent Fannie Mae survey found 83 percent of consumers “believe mortgage rates will stay at their current elevated level or rise further in the next 12…
